The latest property assessments likely won’t nudge property taxes by much in Nanaimo for 2020.
B.C. Assessments released its valuations for the properties across the province last week and in some regions, including Nanaimo, this year’s figures showed the effects of a softening appetite for high-priced properties in 2019.
B.C. Assessments valuations are weighted by the values of transactions among neighbouring properties in an area on and around B.C. Assessments’ July 1 valuation date. Depending on the market activity, if neighbouring properties sell high compared to the prior year, those sale prices push valuations in an area upward and if they sell low, those valuations drop.
Overall, Nanaimo’s single family home valuations rose three per cent from to $504,000 from $490,000. Single family properties in Nanaimo’s rural areas jumped six per cent to $461,000 from $434,000. Single family homes in Ladysmith jumped five per cent to $445,000 from $426,000, but Lantzville properties in the category dropped two per cent from $623,000 to $610,000.
Strata home valuations in Nanaimo climbed two per cent from $314,000 from $309,000.
Some of Nanaimo’s highest-priced homes declined in value too.
“Each segment of the market is going to react slightly different,” said Gerry Marolla, deputy assessor. “So if you’re talking about higher-priced homes in Nanaimo I would expect them to react differently than your average-priced home.”
Nanaimo’s highest-valued properties still top the valuations lists for 2020, but they’ve dipped compared to 2019. A home at 5025 Hinrich View, Nanaimo highest-valued property for 2019 at $4.405 million, slipped to second place at $3.71 million, while 3372 Stephenson Point Rd. climbed into top spot at $3.98 million even though it too dropped in valuation from $4,179 in 2019.
Nanaimo’s highest valued commercial property is Woodgrove Centre at $259 million.
Marolla said an increase in home value doesn’t mean property takes will jump, but he does advise property owners to pay attention to how their property values compare to others in their neighbourhoods.
“People start looking at percentage increases and they get fixated on the percentage increase, but really what they should be looking at is how does my property compare to rest of the jurisdiction,” he said. “Obviously if you’ve got a 30 per cent increase you should be really concerned. If you’re sitting in and around a three per cent increase or four per cent increase or somewhere around the average it’s not going to necessarily equate to a substantial increase in taxation.”
Marolla said property owners should focus on whether their property’s assessment is fair and if it represents a reasonable expectation of what they could have sold their homes for in July.
To learn more about property assessments across the province and check specific property values and appeal assessments thought to be incorrect, visit www.bcassessment.ca.
Nanaimo’s highest-assessed properties for 2020:
- 3372 Stephenson Point Rd., $3,890,000
- 5025 Hinrich View, $3,710,000
- 5512 Hiquebran Rd., $3,394,000
- 6033 Nelson Rd., $3,153,000
- 3384 Stephenson Point Rd., $3,044,000
- 6052 Clarence Way, $2,893,000
- 361 Camosun Dr., $2,556,000
- 4200 Jingle Pot Rd., $2,486,000
- 2301 Extension Rd., $2,324,000
- 3432 Stephenson Point Rd. $2,300,000